EUR/USD reversed from strong resistance level 1.1600
By: Dmitriy Chernovolov
- EUR/USD reversed from strong resistance level 1.1600
- Next sell target - 1.1400
EUR/USD continues to fall – after the earlier sharp downward reversal from the strong resistance level 1.1600 (which also previously reversed the price sharply in last October, as can be seen below). The resistance zone near the resistance level 1.1600 was strengthened by the upper daily Bollinger Band and by the upper resistance trendline of the daily up channel from December. The downward reversal from 1.1600 created the daily Japanese candlesticks reversal pattern Falling Star.
Given the strength of the resistance level 1.1600 - EUR/USD is likely to fall further toward the next sell target at the support level 1.1400.